Search for Countrywide foreclosures and Bank of America foreclosed properties
If we compare the assets of banks, then we can say, that the greatest bank is Bank of America.
Almost everybody have heard about Countrywide Financial - the financial institution that got a loan of around four billions american dollars, and finally became a reason for a mortgage crisis. Exactly the Bank of America invested the money in stock capital of Countrywide Financial.
As Countrywide Financial failed to pay back, Bank of America became the biggest foreclosure lender in the country. This acquisition was advantageous for both sides - on one hand Countrywide Financial avoided the bankruptcy, on the other hand Bank of America improved its positions on market.
Nowadays you can find Countrywide bank foreclosures or Bank of America foreclosures on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find wellknown web resources where foreclosure listings is in free access including bank owned homes, government foreclosures, HUD foreclosures, tax liens, FHA foreclosures, VA foreclosures, and other types of foreclosure properties. You can visit some of them:
www.indexpost.com - free foreclosure listings and bank foreclosures database;
www.reodev.com - REO properties and foreclosed homes listings for free.
It has to be stressed out, that this deal let the BofA have its own part in 25% of mortgage home loans in the America. The transaction described above is simply one example out of millions of cases, when bank gets substantial advantages after creating trouble loans. Such kind of loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of subprime loans were checked. The main source of financial resources for loans is the money saved on deposit accounts by clients. But Countrywide Financial has another scheme for its operations, it operates on Wall Street as a borrower, so it receives amount of money enough to invest it in mortgages, and after all sell these loans on foreclosure market.
These transactions are repeated over and over, which gives the possibility the lenders and borrowers get their profit. This scheme worked without problems until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter received in its property over 5800 branches located in 31 different states in US.
Also Bank of America owns 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into account that a number of borrowers loose their homes at the end, this investment is very profitable deal for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will give a chance more then 260 thousand borrowers with problem loans save their houses. It will happen owing to modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the next two years. A great amount of problem borrowers results into increase of Countrywide REO homes number.
Search for thousands of Countrywide foreclosed homes and foreclosure homes nationwide.